Land Drillers' Shares Move Closer to Our Bearish Outlook on Disappointing 1Q Results
Land drillers’ share prices fell 7%-10% following this week’s announcement of first-quarter results, with the market moving much closer to our relatively bearish outlook for land drillers. We suspect that the market was disappointed by flat day rates and margins, even as the U.S. horizontal rig count was up about 30% sequentially. Day rates were either flat or slightly down for all of our land drillers under coverage, as most companies’ rig mix shifted from legacy (that is, pre-2015 downturn) co...Precision Drilling is engaged in the provision of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada and the United States. Co. operates two segments: Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. The Completion and Production Services segment includes service rigs, snubbing units, oilfield equipment rental, camp and catering services, and wastewater treatment units.
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